Jim Harris and Fred Dickens Represented the Seller in the Purchase of an Iconic Raleigh Office Complex

Last Friday, the company closed on a $17.5 million sale of the Beta Center office complex, featuring 150,000 square feet of Class B office space across a couple of 3- and 4-story buildings off Glenwood Ave. in northwest Raleigh.

The company is also planning to spend millions on improvements to the property and is rebranding the campus with a new name and logo. The details have yet to be announced.

“We continue to be bullish on Raleigh,” said Sam Crutchfield, managing director, leasing and acquisitions at Grubb Ventures. “We think Raleigh is going to continue to grow, and this location offers one of the best value-add alternatives for office users in that Glenwood corridor.” 

The property is situated on 12 acres at 5151 and 5171 Glenwood Ave. west of Creedmoor Road. The seller, Florida-based David Associates, bought the property in 2006 for $17.3 million. The center was built in the early 1980s and features Alpha and Beta buildings. 

Crutchfield said Grubb Ventures is planning a $2.5 million improvement project at the property with plans for major renovations and additional amenities to the interiors of the buildings and the outside spaces. These include enhanced connections to the greenway, a bike-share option, a pavilion and upgrades to the common areas. 

The company also plans to demolish much of the interior of the 3-story Beta building that was previously occupied by Raleigh-based Golden Corral. Planned improvements to that building include the addition of sprinklers, which the building currently lacks. 

TradeMark Properties CEO Jim Harris and Senior Vice President Fred Dickens represented the seller in the deal. 

“It has been a pleasure to work with the ownership group and the great tenants at the Beta Center,” Harris said. “This is a Raleigh landmark, and we are glad to see a wonderful ownership group taking the campus to the next level for subsequent generations in our city.” 

– Excerpts are provided by the Triangle Business Journal. Click here for the full article.

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